The world’s foremost Bitcoin hoarder has made its biggest crypto sale yet. Strategy announced on Monday morning that it sold $216 million worth of Bitcoin over the past week. The sale is the company’s largest liquidation of crypto in its six-year history of accumulating Bitcoin on its balance sheet, according to Strategy’s catalog of its crypto transactions. After the announcement, Strategy’s shares fell nearly 5% at market open but rebounded slightly to now $100. Bitcoin fell nearly 1% in the first hour after the announcement, then climbed back to just above $62,000, according to CoinGecko.
Strategy’s latest sell-off comes after the company announced in late June that it may sell up to $1.25 billion in Bitcoin to build its cash reserves and avoid issuing more equity. In June, the company also sold 32 Bitcoin, or $2.5 million of its crypto treasury. Strategy has previously stated that selling some of its Bitcoin was a way to shore up cash and calm markets.
